As Fidelity’s Tom Stevenson explains in his regular column, Joe Biden is America’s oldest ever president who, in the end, has to persuade someone to pick up the tab for his youthful ambition.
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Wall Street has greeted the inaugurations of Joe Biden and Kamala Harris with another record-breaking performance on Wednesday, adding to the surge that has driven stocks to new highs since the November 3 poll wins.
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After four years of no-touch regulation under Donald Trump, American financial markets have suddenly realised they face four years of close attention from a bunch of new overseers promoted by President-elect Joe Biden.
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With Joe Biden sworn in as America’s 46th president on Wednesday, he needs to shift the focus from his predecessor’s graceless departure to the huge economic challenge ahead.
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Credit rating group, Moody’s has given an upbeat and thumbs up approval for the Biden package. Moody’s chief economist, Mark Zandi reckoned it will boost US growth this year to 5% or better, and the same in 2022.
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President-elect Joe Biden will ask Congress to spend $US1.9 trillion on a new economic rescue plan as the pace of COVID-19 infections and deaths shows no sign of easing soon and the US economy starts tipping towards another slowdown.
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The US election has significant potential to add to volatility in investment markets. A Trump victory will mean more of the same and would likely initially be more positive for US than global and Australian shares. By contrast a Biden victory may add to short-term volatility but this is likely to be short-lived as there is no reason to expect a weaker economy and hence share market under a Biden presidency and he is likely to take a less disruptive approach to trade and foreign policy.
Read MoreThere’s only one thing that matters this week: the US Presidential election. And we are in the topsy turvy world where the markets, and business people, are worried that the Republicans might win … because their candidate is one Donald Trump, who could do anything, and probably will.
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